In 2005, its heaviest year, the credit union booked roughly $82 million in home equity loans
, Pouch reported.
For example, for low-to-mid value homes valued at less than $200,000, the negative equity share is 54 percent for borrowers with home equity loans
, over twice the 26 percent for borrowers without home equity loans
In general, home equity loans
represent borrowings other than the indebtedness incurred in acquiring a principal residence and/or a second home.
As the housing market spirals downward, home equity loans
, which turn home sweet home into cash sweet cash, are becoming the next flash point in the mortgage crisis, the Times said.
Home equity loans
have dominated consumer lending in recent years.
(LendingTree replaces Alaska's previous partnership with HomeLoanCenter.com.) Earn 3,000 miles per $10,000 of a home's price when buying or selling with a LendingTree network real estate agent, or 1,250 miles per $10,000 financed on a mortgage or refinance, home equity loan
or line of credit, or auto or student loan.
An expert loan consultant, Pete Hitesman has personally originated more than a thousand home equity loans
and credit lines.
When mortgage rates were at rock bottom in the 1990s, many homeowners took out home equity loans
and lines of credit to consolidate their debts.
They take many forms, the most common being home equity loans
, home equity lines of credit, "cash out" home refinancing, student loan consolidation programs, and personal loans through financier institutions,
in addition to mortgage miles, HomeLoanCenter.com will provide 2,500 miles for home equity loans
under the same conditions.
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